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Child tax credit checks could come as a surprise to some

EvilEyeFleegle

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Unintended consequences?


The Biden administration is preparing to send money to millions of Americans — including to some who may not want it.
Its plan to have people claim a portion of their child tax credit each month, starting in July, is primarily designed to provide a steady stream of cash to low-income Americans.
But the administration intends to automatically enroll everyone who takes the credit — some 50 million families, earning up to $400,000 — in the monthly payment program unless they opt out.
That may come as a surprise to many, and not a welcome one — particularly to people who aren’t poor — because it could come back to bite them at tax time.
“They might have a smaller refund in the spring or they might end up owing some of this money back,” said Elaine Maag, an expert on the initiative at the Tax Policy Center.
“That will probably annoy some people.”
It’s also likely that at least some low earners may not want to participate because they prefer to receive a lump sum at tax time.
That underscores how the decision on whether to participate in what is a signature initiative of the administration can be more complicated than it appears — turning on people’s individual circumstances as well as their personal preferences.
The number of people receiving the payments will be closely watched as the initiative unfolds. The IRS says it will have instructions on how people can opt out by the end of this month.
The administration is now encouraging people to sign up, as the government gears up to distribute the first round of payments on July 15. Subsequent payments will go out around the 15th of each month.
 

Mac-7

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Who doesent like free money?

This will only condition the public to want more

Now I know how it must have been when drug dealers in the hood started handing out free samples of a wonderful new product called crack cocaine
 

Slyhunter

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no more big checks at the end of year. It's how we could afford to buy computers for everyone.
 

LibertyKid

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We opted out of receiving the monthly checks. Don't need it and don't want a tax surprise the following year.
Who doesent like free money?

This will only condition the public to want more

Now I know how it must have been when drug dealers in the hood started handing out free samples of a wonderful new product called crack cocaine
IMO, this is getting us to that minimum livable income that some want for nothing.
 

Mac-7

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We opted out of receiving the monthly checks. Don't need it and don't want a tax surprise the following year.
Good for you.

But millions of Americans and illegal aliens will soon be hooked on the free money
 

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